Elon Musk speaks at the SATELLITE Conference and Exhibition March 9, 2020, in Washington. Musk is joining Twitter’s board of directors, one day after it was disclosed that the Tesla CEO took a 9% stake in the social media platform. Twitter Inc. said in a regulatory filing that it entered into an agreement with Musk on Monday, April 4, that will give the billionaire a seat on its board, with the term expiring at its 2024 annual shareholders meeting. (AP Photo/Susan Walsh, File)
By Michelle Chapman
Elon Musk is joining Twitter's board of directors a day after revealing that he'd become the social media platform's largest shareholder with a 9% stake.
The billionaire has criticized Twitter publicly about its commitment to free speech. He's also run into trouble on the platform as the CEO of Tesla after financial regulators found he had posted inaccurate information about the company.
Musk is barred from owning more than 14.9% of Twitter’s outstanding stock while he sits on the board, Twitter Inc. said in a Tuesday regulatory filing.
Musk has been speaking with the company in recent weeks and Twitter CEO Parag Agrawal said in a tweet that “it became clear to us that he would bring great value to our Board."
“He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term," Agrawal wrote.
Musk said he's looking forward to working with Agrawal and the board “to make significant improvements to Twitter in coming months!"
Musk wasted no time in weighing in on one of the biggest gripes Twitter users have about the platform late Tuesday, asking in a tweet if he should add an edit button.
“Now its time to get out the popcorn and watch the developments over the coming months with Musk on the board,” wrote Daniel Ives, who follows Twitter for Wedbush Securities.
Twitter's board will have 12 members with Musk. Jack Dorsey stepped down as CEO of Twitter last and his term on the board expires at an upcoming stockholders’ meeting on May 25. Three other board members have terms that are set to expire but have been nominated to retain their seats.
Dorsey tweeted Tuesday that Musk and Agrawal “both lead with their hearts, and they will be an incredible team.”
“I’m really happy Elon is joining the Twitter board! He cares deeply about our world and Twitter’s role in it,” Dorsey said.
After amassing 73.5 million Twitter shares worth a total of about $3 billion, Musk has not spoken specifically about any Twitter rule changes he might push.
In March, Musk told his 80 million followers on Twitter that he was “ giving serious thought ” to creating his own social media platform.
Musk is locked into a bitter dispute with the SEC over his ability to post on Twitter. His lawyer has contended in court motions that the SEC is infringing on the Tesla CEO’s First Amendment rights.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
